2019 - cosse · 2019. 5. 27. · 1.48% 0.52% banco de fomento angola standard bank angola banco...
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0 BODIVA MARKET REPORT I QUARTER 2019
I QUARTER
2019 QUARTERLY MARKET REPORT
1 BODIVA MARKET REPORT I QUARTER 2019
ÍNDICE EXECUTIVE SUMMARY ................................................................................................................................. 2
TRADING ....................................................................................................................................................... 3
TRADING EVOLUTION ............................................................................................................................... 3
PRICE ANALYSIS ......................................................................................................................................... 7
BROKERS PERFORMANCE ......................................................................................................................... 8
COMPARATIVE ANALYSIS: PRIMARY VS SECONDARY MARKET ................................................................ 9
FINAL COMMITTEES ANALYSIS ..................................................................................................................... 10
MAIN PLAYERS ......................................................................................................................................... 10
CLEARING & SETTLEMENT .......................................................................................................................... 13
ACCOUNTS............................................................................................................................................... 13
SECURITIES UNDER CUSTODY .................................................................................................................. 13
SETTLEMENT ........................................................................................................................................... 15
RELEVANT FACTS ........................................................................................................................................ 17
2 BODIVA MARKET REPORT I QUARTER 2019
EXECUTIVE SUMMARY ➢ Compared to the same period, the traded amount decreased by 0.02%, from $ 668 to $
669 million;
➢ 1,145 trades were carried out, an increase of 190% over the same period in which there were only 394 trades;
➢ Of the total trades, only 100 were interbank, with March having 46 deals, and January and February with 30 and 14, respectively;
➢ Of the traded amount, about 85.37% refers to securities that have a residual maturity of less than 3 years;
➢ Treasury bonds indexed to the US dollar (OTX) represented approximately 76.47% of the amount traded, a decrease of about 9.7% over the previous quarter;
➢ The non-adjusting treasury bonds (OTNR) represented around 11.81%, and treasury bills (BT's) accounted for 11.72%. Colective Investment Schemes represented only 0.001%;
➢ BFA, SBA and BAI account for approximately 70.70% of the amount traded, of which 25.82%, 24.75% and 20.13% respectively;
➢ Securities traded on the secondary market represented, on average, about 0.81% of the public debt stock entitled;
➢ The main players in the secondary market are brokers, with 53.9% of the amount traded, followed by the 40.1 company and private customers, with only 6.0% of the total traded;
➢ In the period under review, 62 individualized accounts were opened, totaling 7,559
accounts opened in 2018;
➢ The amount under custody at CEVAMA was $ 2.2 billion;
➢ 1145 trades were settled, corresponding to $ 203 million.
3 BODIVA MARKET REPORT I QUARTER 2019
TRADING
TRADING EVOLUTION During the first quarter of 2019, 1,145 trades were carried out on the regulated markets under
management of BODIVA, totaling $ 669,030,846, an increase of 0.02% over the same period of the
previous year.
Graph 1 – Traded Amount
The average monthly traded amount was $ 223,01 million, with February being the month with the
highest trading, with $ 290,9. Bellow the, the monthlly evolution:
Graph 2 – Monthly Traded Amount
$668,898,143.30 $669,030,846.75
$-
$100.00
$200.00
$300.00
$400.00
$500.00
$600.00
$700.00
$800.00
I Quarter 2018 I Quarter 2019
MIll
ion
s
$141.18
$227.38
$300.34
$165.73
$290.98
$212.33
$-
$50.00
$100.00
$150.00
$200.00
$250.00
$300.00
$350.00
January February March
Mill
ion
s
2018
2019
4 BODIVA MARKET REPORT I QUARTER 2019
The number of executed trades in relation to the same period increased by 190.6%, with 1,145 trades.
The monthly average was 382.
2018 2019 Var(%) Monthly Average 2019
394 1,145 190.61% 382
Graph 3 – Monthly Trades
In relation to the trades carried
out, by year of maturity, and in
comparison with previous
periods, there is a tendency to
increase trades in securities with
residual maturities up to 3 years.
Securities with maturity up to
2021 represent 71% of the
amount traded.
77
118
199
411
335
399
0
50
100
150
200
250
300
350
400
450
January February March
Trad
es
Exe
cute
d
2018
2019
Graph 4 – Traded Amount by maturity year
$- $100 $200 $300 $400
2019
2020
2021
2022
2023
2024
2025
Millions
5 BODIVA MARKET REPORT I QUARTER 2019
The number of trades is also
concentrated in the shorter
maturities, with special emphasis
for the year 2020.
As a result, the trades carried out in
2019 and 2020 maturities
accounted for 36.85%, 46.538%,
totaling approximately 83.38% of
the executed trades.
Graph 5 – Number of Trades per maturity year
Regarding to the amount traded by
type of security, the predominance of
treasury bonds (88.28%) is confirmed,
to the detriment of treasury bills
(11.72%).
On the other hand, colective investment
schemes trading represents only
(0.001%) of the total traded as
evidenced by the chart below.
Graph 6 – Traded Amount per Instrument Category
$7,011.39
$590,636,555.61
$78,387,279.74
Colective Investment SchemeGovernment BondsTreasury Bills
6 BODIVA MARKET REPORT I QUARTER 2019
Treasury Bonds represent
approximately 68.12% of the executed
trades. Although Treasury bills represent
only 11.72% of the amount traded, they
accounted for 31.18% of the trades
executed. Colective Investment
Schemes, with only eigth (8) trades
accounted for only 0.7%, as evidenced by
Graph 7.
Graph 7 – Trades per Instrument Category
Regarding the characteristics of the
most traded securities, Treasury Bonds
indexed to the US dollar accounted for
76.46% of the amount traded.
Thus, despite the greater predictability
of the exchange rate, investors continue
to favor trading of instruments that
hedge against the devaluation of the
national currency (kwanza).
Graph 8 – Traded per Instrument Category
357
780
8
Treasury Bills
Government Bonds
Colective Investment Schemes
11.72%
11.81%
76.47%
0.00%
Treasury BillsNon Indexed Goverment BondsUSD Indexed Government BondsColective Investment Schemes
7 BODIVA MARKET REPORT I QUARTER 2019
PRICE ANALYSIS In terms of the pricing practiced for each year of maturity, the negative relationship between maturity
and discount rates was maintained, with the spread between short-term and OT-NR long-term
securities being approximately 32.9%. This may indicate that the market perceives long-term securities
as being more risky, with liquidity risk being the most obvious. Below the average price of the business
according to the maturity year.
Graph 9 – Average Price per Maturity Year
Instrument Category 2019 2020 2021 2022 2023 2024 2025
USD Indexed Government Bonds 99.20 99.98 98.30 96.75 96.79
Non Indexed Government Bonds 95.23 88.65 81.79 68.67 66.95 62.24 56.77
0
10
20
30
40
50
60
70
80
90
100
110
2019 2020 2021 2022 2023 2024 2025
% o
f N
om
inal
Val
ue
Non Indexed Government Bonds USD Indexed Government Bonds
8 BODIVA MARKET REPORT I QUARTER 2019
BROKERS PERFORMANCE As far as trading members performance is concerned, of the 18 BODIVA members, only 10 contributed
to the traded amount. Particular emphasis is placed on Banco Fomento Angola (BFA), Standard Bank
Angola (SBA) and Banco Angolano de Investimentos (BAI), which occupy the top three places and whose
transactions accounted for about 82.5% of thae market.
Graph 10 – Traded amount by brokers
BFA continues to lead the market, with a traded amount of $345,4 million, however its market share
decreased from 52.87% to 25.82%. SBA saw its market share rose from 16.20% to 24.75%, having traded
$ 331,1 million. Having increased exponentially the amount traded, BAI saw its market share increase
from 6.48% to 20.13%.
Traded Amount Market Share Traded Amount Market Share
1 Banco de Fomento Angola 707,332,278.47$ 52.87% 345,472,218.18$ 25.82%
2 Standard Bank Angola 216,671,251.52$ 16.20% 331,125,941.39$ 24.75%
3 Banco Angolano de Investimentos 86,651,123.51$ 6.48% 269,413,820.83$ 20.13%
4 Banco BIC S.A 140,014,125.22$ 10.47% 84,554,422.54$ 6.32%
5 Banco Millennium Atlântico 84,045,656.56$ 6.28% 141,970,643.76$ 10.61%
6 Banco de Negocios Internacional 37,708,377.29$ 2.82% 28,285,958.93$ 2.11%
7 Banco Caixa Geral Angola 30,084,528.63$ 2.25% 4,868,830.81$ 0.36%
8 Banco Económico 23,103,015.02$ 1.73% 89,916,450.27$ 6.72%
9 Banco SOL -$ NA 19,861,208.16$ 1.48%
10 Banco Regional do Keve 11,705,728.04$ 0.88% 15,572,954.72$ 1.16%
11 Banco YETU S.A -$ 0.00% 7,019,243.92$ 0.52%
12 Madz Global SCVM 480,202.34$ 0.04% -$
1,337,796,286.60$ 100% 1,338,061,693.49$ 100%Totals
2019Ranking Broker
2018
1. Traded amount double counted .
25.82%
24.75%
20.13%
6.32%
10.61%
2.11%
0.36% 6.72%
1.48% 0.52%0.00%Banco de Fomento Angola
Standard Bank Angola
Banco Angolano de Investimentos
Banco BIC S.A
Banco Millennium Atlântico
Banco de Negocios Internacional
Banco Caixa Geral Angola
Banco Económico
Banco SOL
Banco Regional do Keve
Banco YETU S.A
Madz Global SCVM
9 BODIVA MARKET REPORT I QUARTER 2019
COMPARATIVE ANALYSIS: PRIMARY VS SECONDARY MARKET
In the period under review, issues in the public debt primary market reached $ 608,37 million, while in
the secondary market a total of $ 669,03 million was traded.
Graph 11 – Traded amount in Secondary Market vs. Issued Amount in Public Debt Primary Market
The traded amount on the secondary market accounted for 109.97% of the total issuance in the primary
market.
When comparing the traded amount in the scondary market with the public debt stock, which averaged
$ 27,28 billion, we can observe that, on average, the secondary market represented about 0.81% of the
public debt stock. Below, the monthly evolution
Graph 12 – Weight of the amount traded in secondary market on internal public debt
January February March Year to Date
Secondary Market $165,725,830.99 $290,977,080.38 $212,327,935.37 $669,030,846.75
Primary Market $- $371,879,814.42 $236,494,997.75 $608,374,812.17
$-
$100.00
$200.00
$300.00
$400.00
$500.00
$600.00
$700.00
$800.00
MIl
lion
s
Secondary Market Primary Market
0.63%
1.06%
0.76% 0.81%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
January February March Quarter Average
10 BODIVA MARKET REPORT I QUARTER 2019
FINAL COMMITTEES ANALYSIS
MAIN PLAYERS Regarding to the final benificiaries of the executed trades during the first quarter of 2019, there is a
prevalence of brokers and corporate clients, which account respectively for 43.9% and 40.1% of the
traded amount. Retail clients represented only 6%.
Final Committee Traded Amount % Corporate Clients $ 537,217,024.17 40.1% Brokers $ 720,833,016.60 53.9% Retail Clients $ 80,011,652.73 6.0%
Total $ 1,338,061,693.49 100%
Below, the Graph analysis:
Graph 13 – Weigth of final committees
40%
54%
6%
Corporate Clients
Brokers
Retail Clients
11 BODIVA MARKET REPORT I QUARTER 2019
When analyzing purchase transactions, it is verified that the brokers represent 51.8% of the total
amount, and corporate and retail clients represent only 38.7% and 9.4%, respectively.
Final Committee Traded Amount % Corporate Clients $ 259,182,962.60 38.7% Brokers $ 346,845,036.34 51.8% Retail Clients $ 63,002,847.81 9.4%
Total $ 669,030,846.75 100%
Regarding to sales transactions, brokers accounted for 55.9% of the total amount, followed by
corporate clientes and retail clients representing 41.6% and 2.5%, respectively:
Final Committee Traded Amount % Corporate Clients $ 278,034,061.57 41.6% Brokers $ 373,987,980.25 55.9% Retail Clients $ 17,008,804.92 2.5%
Total $ 669,030,846.75 100%
Regarding to the number of trades and the buying
or selling position of the final benificiaries, the trend
in terms of the traded amount is confirmed, that is,
the brokers favor the selling position to the
detriment of the buying position.
On the other hand, the corporate and retail clients
present opposite behavior, privileging the buying
position.
Final Committee Buy Sell
Corporate Clients 183 166
Brokers 268 863
Retail Clients 688 110
Total 1139 1139
12 BODIVA MARKET REPORT I QUARTER 2019
When analyzing the data from a sectoral perspective, we find that Oil&Gas companies were the ones that traded the most in the purchasing position with a total of $ 109,72 million. In terms of sales, the Wholesale and Retail clients trade held the lead with $ 101,02 million, followed
by the Services sector with $ 51,55 million and the Manufacturing Industry sector with $ 47,04 million.
Graph 14 - Weigth of companies by sector of activity
12%
0%
13%
0% 2%
15%
5%
42%
4%
0%2%
0% 0%
36%
11%
0%
17%
5%
11%
19%
0% 0%0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
C V
13 BODIVA MARKET REPORT I QUARTER 2019
CLEARING & SETTLEMENT
ACCOUNTS
During the first quarter of 2019, 625 segregated accounts were opened. In that period, March had the
largest number of new registrations. As result, the first quarter closed with a total of 7559 active accounts,
which includes the members' own portfolio accounts, issuer accounts, settlement accounts and individual
registration accounts.
Graphic X – Evolution of open accounts
SECURITIES UNDER CUSTODY
Public Debt
In the first quarter of 2019, 94,081,077 treasury securities were deposited, of which 93,395,661 are
Treasury Bills and 685.416 Government Bonds, which represent a total amount of AOA 93,395,661,000
(USD 299.864.062,80) and 129.220.826.424,6 AOA (USD 414.887.389,79) respectively.
Graphic 14 – Custody
206 174 245625
7559
0
1000
2000
3000
4000
5000
6000
7000
8000
Jan Feb Mar Total firstquarter
GrandTotal
Jan Feb MarTotal on29th Mar
Série1 7,931,257 59,744,763 26,405,057 173,966,540
0
50
100
150
200
Mill
ion
s
14 BODIVA MARKET REPORT I QUARTER 2019
In terms of Public Debt, BODIVA has 94,081,077 securities under custody, of which 99% correspond to a
Treasury Bills and 1% to Government Bonds. Compared to the same period in 2018, there was an increase
of 2,240%.
Graphic X – Typology and quantity
The securities under custody accounted for USD 7,091,245,036.81, from which 92% is represented by
Government Bonds as suggested by the graphic.
Graphic 16 – Amount and typology
0
10
20
30
40
50
60
70
80
90
100
T.Bills Bonds Bondsfloating
Mill
ion
s
T.Bills BondsBonds
floating
Série1 299,864,063 154,426,893 260,460,497
0
50
100
150
200
250
300
350
Mill
ion
s
15 BODIVA MARKET REPORT I QUARTER 2019
Corporate Issues
With Standard Bank Angola's Corporate Bonds, which were integrated in November, Central Securities
Depository (CEVAMA) registered an increase of USD 15,090,220.25 in the custody amount, representing
21% of the total.
The shares of the Collective Investment Scheme promoted by Banco de Fomento Angola (BFA)
amounted to USD 57,792,332.88, representing 79% of USD 72,882,533.14 held in custody.
Graphic 17 – Market and typology of custody
SETTLEMENT
Primary Market – Investor’s Portal (Portal do Investidor1)
During the last quarter of the year, 229 deals were settled, totaling USD 7,004,803.31.
Graphic 18 – Number of deals and amount
1 The Angolan Treasury places treasury bonds directly to the public through the “Investor’s Portal”, which allow retail investors to acquire
treasury bonds online through a website.
Pravite BondsCollective
InvestimentPublic Debt
Quantity 47,000 18,000,000 173,966,540
AOA 4,700,000,000 18,000,000,000 2,208,639,179,164.49
USD 15,090,220.25 57,792,332.88 7,091,245,036.81
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
0
500
1,000
1,500
2,000
2,500
Bill
ion
Bill
ion
Feb Mar Total
USD Amount 2,922,591.91 4,082,211.40 7,004,803.31
Nº Negócios 111 118 229
0
2000000
4000000
6000000
8000000
16 BODIVA MARKET REPORT I QUARTER 2019
Regarding the type of Security, Treasury Bills had better adherence of investors, resulting in investment
of USD 5,147,519.28, corresponding to 73% of the amount settled in the quarter.
Graphic 19 – Primary market negotiation per Type of security
Secondary market.
Throughout the first quarter, 1145 deals were settled, which corresponds to over AOA 211 billion.
Graphic 20 – Secondary market
T.Bills Bonds
Quantity 1,808,740.00 7,003.00
USD Amount 5,147,519.28 1,857,284.03
0.00
1.00
2.00
3.00
4.00
5.00
6.00
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
Mill
ion
s
Mill
ion
s
Jan Feb Mar
Deals 411 335 399
AOA 52,313,196,356.66 92,096,585,676.12 67,122,177,021.86
USD 167,961,203.23 295,693,140.94 215,508,177.69
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0
10
20
30
40
50
60
70
80
90
100B
illio
n
Bill
ion
17 BODIVA MARKET REPORT I QUARTER 2019
RELEVANT FACTS
A. Market Laws and Regulation:
I. The following Instructions of the Capital Markets Commission were published;
a. Regulamento N.º1/19 – Regulated Markets Management Companies;
b. Regulamento N.º2/19 – Collective Investment Schemes in Venture
Capital;
c. Regulamento N.º3/19 – Collective Investment Schemes for Asset
Securitization;
d. Regulamento N.º4/19 – Asset Management Companies.